The Treasury Department said Thursday Congress must lift the debt limit by Nov. 5, putting House Republicans in a tricky spot during an already hectic fall.
It will either be one of Kevin McCarthy's first tasks as speaker, or one of John Boehner's last.
In a letter to Speaker John Boehner (R-Ohio), Treasury Secretary Jack Lew said the federal government is taking in less revenue than it had anticipated. Lew said the federal government therefore must increase its borrowing authority in five weeks or face the prospect of a catastrophic default.
For House Republicans, a vote to increase the debt limit is one of the toughest they ever have to cast. Boehner has had to rely on a core group of his members plus House Democrats to get the measure through the chamber in the past few years. The battle over the debt limit was so bitter in 2011 that U.S. government's credit rating was downgraded, an unprecedented move.